Growth is possible.

On the daily chart, a downward correction of the higher level ended as the wave B, and the upward wave C forms, within which the first wave (1) of C develops. Now, the fifth wave of the lower level 5 of (1) is forming, within which the wave iii of 5 develops. If the assumption is correct, the asset will grow to the area of 650.00–700.00. In this scenario, critical stop loss level is 548.15.

Main scenario

Long positions will become relevant above the level of 548.15 with the targets at 650.00–700.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 548.15 will let the price fall to the area of 501.20–440.25.